Health Savings Account

A health savings account, or HSA,  is a tax-favored savings account that is used in conjunction with a high-deductible, HSA-eligible, health insurance plan.  HSAs help to make healthcare more affordable and  retirement saving goals more attainable.  HSA’s are similar to an IRA but with some additional advantages. Pre-taxed money is deposited each year into an HSA and funds can be easily withdrawn at any time to pay for qualified medical expenses. Withdrawals can also be made for non-medical purposes, but will be taxed as normal income and are subject to a 10 percent penalty if done prior to age 65.

Any HSA funds not used each year remain in the account, and earn interest tax free to supplement medical expenses in the future.

Like an IRA, the account belongs to you, not your employer. However, unlike an IRA, your employer CAN contribute to your HSA.

Click this link for your HSA Road Rules EE 2010.

Stop in to your local branch today for more information regarding our HSA’s or give us a call in Cameron at (715) 458-2513 in Grantsburg at (715) 463-3456 or in Siren at (715) 349-7499.

About our HSA’s

Health Savings Account

  • $25.00 account opening fee
  • No minimum opening balance
  • Unlimited check writing
  • Monthly electronic statement with 24 hour on-line banking
  • Interest compounded and credited to the account monthly*
  • See an account representative at your local branch for rates and complete account disclosures.

*If the account balance falls below $100.00 on any day of the month, a $1.50 maintenance fee will be charged.  Other penalties and rules on transactions are imposed on the account by the Internal Revenue Code. 

Health Savings Account Certificate of Deposit

  • $25.00 account opening fee
  • Minimum opening deposit of $1,000.00
  • 12 Month Term
  • Interest compounded quarterly*
  • Interest paid quarterly and at maturity
  • Automatically renews at maturity
  • See an account representative at your local branch for rates and complete account disclosures.

*Other penalties and rules on transactions are imposed on the account by the Internal Revenue Code.  Subject to penalties with early withdrawal.